March 2, 2017

NIFTY Top Down Analysis

  • March month candle is crucial here. If at any point during this month price falls below 8870 levels many bulls could be trapped at higher levels.
  • Weekly chart is looking good for bulls so far. But the Same scenario as said about the month candle applies here as well.
  • Day continues to stay inside the rising wedge. A similar pattern in S&P 500 Went through the roof. Price broke above the resistance line. As far as this pattern goes price has taken support at the rising trend line, But continues to stay inside the pattern. Both scenarios are possible here. Bearish below 8870. Bullish above 9000.

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